by: Sarah Joson
Tuesday, July 28, 2015 | Outsourcing News |
SM Prime Holdings Inc., SM Investments Corporation’s property division, is preparing to make the most out of the continuous growth of the business process outsourcing (BPO) sector. The firm is further developing its properties called EcomCenter, which is located at the Mall of Asia Complex in Pasay City.
The EcomCenter houses OneEcom, TwoEcom, and the recently launched FiveEcom Center.
According to David Rafael, Senior Vice-president of SM Prime Commercial Properties, the Philippines remains as one of the leading business process outsourcing hubs in the world and it has continuously driven the demand for office space over the years. The offices in the EcomCenters are designed to offer world-class facilities and are located near major business districts, commercial establishments, transport lines, and major ports.
On top of that, industry analysts said the BPO industry is expected to earn $25 billion in revenues and employ 1.3 million direct and 3.2 million indirect employees by 2016, which is equivalent to nearly eight percent of the Philippine economy.
Meanwhile, information from real estate consultancy firm KMC Research & Consultancy reveals that office space occupancy at the Mall of Asia Complex rose by 11.8 percent in 2014 compared to the previous year. Moreover, prime properties increased by 8.5 percent to P602.60 per square meter a month while vacancy rates are seen to stay at the low end mark of two percent.
This year, FiveEcomCenter is anticipated to produce more office space supply, having 80 percent of the building already pre-leased. The total structure is said to be valued at P3 billion, and offers an estimated gross leasable area of 83,000 sqm and a gross floor area of 141,706 sqm.
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